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Houlihan Lokey Reports Third Quarter Fiscal 2022 Financial Results

Third Quarter Fiscal 2022 Revenues of $889 million

Third Quarter Fiscal 2022 Diluted EPS of $2.54

Adjusted Third Quarter Fiscal 2022 Diluted EPS of $2.90

Announces Dividend of $0.43 per Share for Fourth Quarter Fiscal 2022

Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2021.

For the third quarter ended December 31, 2021, revenues were $889 million, compared with $538 million for the third quarter ended December 31, 2020. Net income attributable to the Company was $174 million, or $2.54 per diluted share, for the third quarter ended December 31, 2021, compared with $119 million, or $1.71 per diluted share, for the third quarter ended December 31, 2020. Adjusted net income attributable to the Company for the third quarter ended December 31, 2021 was $198 million, or $2.90 per diluted share, compared with $123 million, or $1.77 per diluted share, for the third quarter ended December 31, 2020.

“We are thrilled with our results for the third fiscal quarter and are proud of how well each of our product lines performed within their service sectors in calendar 2021. Corporate Finance is the #1 global M&A advisor based on number of transactions closed, Financial Restructuring is the #1 global restructuring advisor based on both dollar value and number of transactions closed and Financial and Valuation Advisory is the #1 global fairness opinion advisor measured over the last twenty years based on the number of transactions closed. Also in our third quarter, we made excellent progress on the integration of GCA and could not be happier with the collaboration that exists between our firms,” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data

(In thousands, except per share data)

U.S. GAAP

Three Months Ended December 31,

 

Nine Months Ended December 31,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenues by segment

 

 

 

 

 

 

 

Corporate Finance

$

715,663

 

 

$

306,171

 

 

$

1,314,064

 

 

$

502,191

 

Financial Restructuring

 

89,273

 

 

 

177,995

 

 

 

271,232

 

 

 

392,006

 

Financial and Valuation Advisory

 

83,862

 

 

 

53,710

 

 

 

213,496

 

 

 

130,551

 

Revenues

$

888,798

 

 

$

537,876

 

 

$

1,798,792

 

 

$

1,024,748

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

549,376

 

 

$

339,743

 

 

$

1,115,054

 

 

$

654,113

 

Non-compensation

 

90,162

 

 

 

39,717

 

 

 

169,483

 

 

 

102,754

 

Operating income

 

249,260

 

 

 

158,416

 

 

 

514,255

 

 

 

267,881

 

Other (income)/expense, net

 

253

 

 

 

(187

)

 

 

1,005

 

 

 

(1,544

)

Income before provision for income taxes

 

249,007

 

 

 

158,603

 

 

 

513,250

 

 

 

269,425

 

Provision for income taxes

 

74,699

 

 

 

40,088

 

 

 

140,099

 

 

 

56,020

 

Net income

 

174,308

 

 

 

118,515

 

 

 

373,151

 

 

 

213,405

 

Net income attributable to noncontrolling interest

 

(573

)

 

 

 

 

 

(573

)

 

 

 

Net income attributable to Houlihan Lokey, Inc.

$

173,735

 

 

$

118,515

 

 

$

372,578

 

 

$

213,405

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Houlihan Lokey, Inc.

$

2.54

 

 

$

1.71

 

 

$

5.44

 

 

$

3.11

 

Revenues

For the third quarter ended December 31, 2021, revenues were $889 million, compared with $538 million for the third quarter ended December 31, 2020. Revenues increased primarily as a result of (i) the completion of our acquisition of GCA Corporation (“GCA”) during the third quarter ended December 31, 2021, resulting in the consolidation of their operating results and (ii) a significant increase in the number of closed transactions and the average transaction fee on closed transactions for our Corporate Finance (“CF”) business segment. For the third quarter ended December 31, 2021, CF revenues increased 134%, Financial Restructuring (“FR”) revenues decreased (50)%, and Financial and Valuation Advisory (“FVA”) revenues increased 56% when compared with the third quarter ended December 31, 2020. All revenues associated with GCA for the third quarter ended December 31, 2021 are included in our CF business segment.

Expenses

The Company’s employee compensation and benefits expenses, non-compensation expenses, and provision for income taxes during the periods presented and described below are on a GAAP and an adjusted basis.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Three Months Ended December 31,

($ in thousands)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

549,376

 

 

$

339,743

 

 

$

546,611

 

 

$

334,828

 

% of Revenues

 

61.8

%

 

 

63.2

%

 

 

61.5

%

 

 

62.3

%

Non-compensation

$

90,162

 

 

$

39,717

 

 

$

58,543

 

 

$

38,523

 

% of Revenues

 

10.1

%

 

 

7.4

%

 

 

6.6

%

 

 

7.2

%

Provision for income taxes

$

74,699

 

 

$

40,088

 

 

$

85,014

 

 

$

41,632

 

% of Pre-tax income

 

30.0

%

 

 

25.3

%

 

 

30.0

%

 

 

25.3

%

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Nine Months Ended December 31,

($ in thousands)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

1,115,054

 

 

$

654,113

 

 

$

1,106,257

 

 

$

641,878

 

% of Revenues

 

62.0

%

 

 

63.8

%

 

 

61.5

%

 

 

62.6

%

Non-compensation

$

169,483

 

 

$

102,754

 

 

$

133,548

 

 

$

97,262

 

% of Revenues

 

9.4

%

 

 

10.0

%

 

 

7.4

%

 

 

9.5

%

Provision for income taxes

$

140,099

 

 

$

56,020

 

 

$

160,169

 

 

$

74,008

 

% of Pre-tax income

 

27.3

%

 

 

20.8

%

 

 

28.7

%

 

 

25.8

%

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Employee compensation and benefits expenses were $549 million for the third quarter ended December 31, 2021, compared with $340 million for the third quarter ended December 31, 2020. Adjusted employee compensation and benefits expenses were $547 million for the third quarter ended December 31, 2021, compared with $335 million for the third quarter ended December 31, 2020. This resulted in an adjusted compensation ratio of 61.5% for the third quarter ended December 31, 2021, versus 62.3% for the third quarter ended December 31, 2020. The increase in GAAP and adjusted employee compensation and benefits expenses was primarily a result of an increase in fee revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $90 million for the third quarter ended December 31, 2021, compared with $40 million for the third quarter ended December 31, 2020. The increase in GAAP non-compensation expenses was primarily a result of non-compensation expenses attributable to GCA, amortization of intangible assets recognized in connection the acquisition of GCA, integration and acquisition related costs associated with our acquisition of GCA and an increase in travel, meals, and entertainment expenses and other operating expenses. Adjusted non-compensation expenses were $59 million for the third quarter ended December 31, 2021, compared with $39 million for the third quarter ended December 31, 2020. The increase in adjusted non-compensation expenses was primarily a result of non-compensation expenses attributable to GCA and an increase in travel, meals, and entertainment expenses and other operating expenses.

The provision for income taxes was $75 million, representing an effective tax rate of 30.0% for the third quarter ended December 31, 2021, compared with $40 million, representing an effective tax rate of 25.3% for the third quarter ended December 31, 2020.

The increase in the Company’s tax rate during the third quarter ended December 31, 2021 relative to the same period in 2020 was primarily a result of increased state taxes, increased non-deductible expenses and increased foreign taxes. The adjusted provision for income taxes was $85 million, representing an adjusted effective tax rate of 30.0% for the third quarter ended December 31, 2021, compared with $42 million, representing an adjusted effective tax rate of 25.3% for the third quarter ended December 31, 2020.

Segment Reporting for the Third Fiscal Quarter

Corporate Finance

CF revenues were $716 million for the third quarter ended December 31, 2021, compared with $306 million for the third quarter ended December 31, 2020, representing an increase of 134%. Revenues increased primarily due to (i) the completion of our acquisition of GCA during the third quarter ended December 31, 2021, resulting in the consolidation of their revenues into our CF business segment and (ii) a significant increase in the number of closed transactions and the average transaction fee on closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

Corporate Finance

 

 

 

 

 

 

 

Revenues

$

715,663

 

$

306,171

 

$

1,314,064

 

$

502,191

# of Managing Directors

 

198

 

 

123

 

 

198

 

 

123

# of Closed transactions (1)

 

238

 

 

121

 

 

456

 

 

209

Financial Restructuring

FR revenues decreased (50)% to $89 million for the third quarter ended December 31, 2021, compared with $178 million for the third quarter ended December 31, 2020. Revenues decreased primarily due to a decrease in the number of closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

Financial Restructuring

 

 

 

 

 

 

 

Revenues

$

89,273

 

$

177,995

 

$

271,232

 

$

392,006

# of Managing Directors

 

52

 

 

47

 

 

52

 

 

47

# of Closed transactions (1)

 

21

 

 

44

 

 

65

 

 

103

Financial and Valuation Advisory

FVA revenues increased 56% to $84 million for the third quarter ended December 31, 2021, compared with $54 million for the third quarter ended December 31, 2020. Revenues increased primarily due to an increase in the number of fee events.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

Financial and Valuation Advisory

 

 

 

 

 

 

 

Revenues

$

83,862

 

$

53,710

 

$

213,496

 

$

130,551

# of Managing Directors

 

34

 

 

31

 

 

34

 

 

31

# of Fee Events (1)

 

901

 

 

639

 

 

1,673

 

 

1,134

1. A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of one thousand dollars. References in this press release to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our periodic reports on Forms 10-K and 10-Q.

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.43 per share of Class A and Class B common stock. The dividend will be payable on March 15, 2022 to stockholders of record as of the close of business on March 2, 2022.

As of December 31, 2021, the Company had $1,098 million of cash and cash equivalents and investment securities, and $134 million of other liabilities and loans payable to former shareholders.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 8:00 a.m. Eastern Time on Tuesday, February 8, 2022, to discuss its third quarter fiscal 2022 results. The number to call is 1-877-407-4018 (domestic) or 1-201-689-8471 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available from February 8, 2022 through February 15, 2022, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 13726446#. A replay of the webcast will be archived and available on the Company’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. For a further description of such factors, you should read the Company’s filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this earnings press release and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results. These adjusted items remove the significant accounting impact of one-time or non-recurring charges associated with the Company’s one-time/non-recurring matters, as set forth in the tables at the end of this release.

The adjusted items included in this earnings press release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company’s financial information determined under GAAP. For a description of the Company’s use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled “Reconciliation of GAAP to Adjusted Financial Information.” Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 investment bank for all global M&A transactions, the No. 1 M&A advisor for the past seven consecutive years in the U.S., the No. 1 global restructuring advisor for the past eight consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.

For more information, please visit www.HL.com.

Appendix

Condensed Consolidated Balance Sheet (Unaudited)

Condensed Consolidated Statement of Income (Unaudited)

Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share data and par value)

December 31, 2021

 

March 31, 2021

Assets

 

 

 

Cash and cash equivalents

$

1,058,603

 

 

$

846,851

 

Restricted cash

 

373

 

 

 

373

 

Investment securities

 

39,829

 

 

 

208,618

 

Accounts receivable, net of allowance for credit losses

 

195,912

 

 

 

108,409

 

Unbilled work in process, net of allowance for credit losses

 

86,504

 

 

 

118,115

 

Deferred income taxes

 

39,575

 

 

 

28,332

 

Property and equipment, net

 

51,750

 

 

 

46,370

 

Operating lease right-of-use assets

 

161,997

 

 

 

152,031

 

Goodwill

 

1,082,934

 

 

 

671,065

 

Other intangible assets, net

 

263,493

 

 

 

195,156

 

Other assets

 

64,792

 

 

 

50,747

 

Total assets

$

3,045,762

 

 

$

2,426,067

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Liabilities:

 

 

 

Accrued salaries and bonuses

$

986,043

 

 

$

648,399

 

Accounts payable and accrued expenses

 

123,395

 

 

 

67,468

 

Deferred income

 

27,319

 

 

 

27,868

 

Income taxes payable

 

57,617

 

 

 

68,339

 

Deferred income taxes

 

1,159

 

 

 

52

 

Loans payable to former shareholders

 

539

 

 

 

818

 

Operating lease liabilities

 

187,264

 

 

 

174,516

 

Other liabilities

 

133,010

 

 

 

55,046

 

Total liabilities

 

1,516,346

 

 

 

1,042,506

 

 

 

 

 

Stockholders' equity:

 

 

 

Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 50,924,798 and 51,245,442 shares, respectively

 

51

 

 

 

51

 

Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 16,727,176 and 16,951,696 shares, respectively

 

17

 

 

 

17

 

Additional paid-in capital

 

668,765

 

 

 

803,573

 

Retained earnings

 

886,995

 

 

 

600,096

 

Accumulated other comprehensive loss

 

(26,412

)

 

 

(20,176

)

Total stockholders’ equity

 

1,529,416

 

 

 

1,383,561

 

Total liabilities and stockholders’ equity

$

3,045,762

 

 

$

2,426,067

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except share and per share data)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenues

$

888,798

 

 

$

537,876

 

 

$

1,798,792

 

 

$

1,024,748

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

549,376

 

 

 

339,743

 

 

 

1,115,054

 

 

 

654,113

 

Travel, meals, and entertainment

 

11,090

 

 

 

1,338

 

 

 

17,464

 

 

 

4,416

 

Rent

 

14,352

 

 

 

10,086

 

 

 

33,627

 

 

 

30,010

 

Depreciation and amortization

 

20,074

 

 

 

3,949

 

 

 

28,589

 

 

 

11,291

 

Information technology and communications

 

12,398

 

 

 

9,281

 

 

 

28,217

 

 

 

22,532

 

Professional fees

 

14,372

 

 

 

6,188

 

 

 

27,988

 

 

 

16,422

 

Other operating expenses

 

17,876

 

 

 

8,875

 

 

 

33,598

 

 

 

18,083

 

Total operating expenses

 

639,538

 

 

 

379,460

 

 

 

1,284,537

 

 

 

756,867

 

Operating income

 

249,260

 

 

 

158,416

 

 

 

514,255

 

 

 

267,881

 

Other (income)/expense, net

 

253

 

 

 

(187

)

 

 

1,005

 

 

 

(1,544

)

Income before provision for income taxes

 

249,007

 

 

 

158,603

 

 

 

513,250

 

 

 

269,425

 

Provision for income taxes

 

74,699

 

 

 

40,088

 

 

 

140,099

 

 

 

56,020

 

Net income

 

174,308

 

 

 

118,515

 

 

 

373,151

 

 

 

213,405

 

Net income attributable to noncontrolling interest

 

(573

)

 

 

 

 

 

(573

)

 

 

 

Net income attributable to Houlihan Lokey, Inc.

$173,735

 

 

$118,515

 

 

$372,578

 

 

$213,405

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

Basic

 

64,914,373

 

 

 

66,547,587

 

 

 

65,259,927

 

 

 

65,680,516

 

Fully diluted

 

68,279,939

 

 

 

69,356,347

 

 

 

68,520,849

 

 

 

68,596,503

 

Earnings per share attributable to Houlihan Lokey, Inc.

 

 

 

 

 

 

 

Basic

$

2.68

 

 

$

1.78

 

 

$

5.71

 

 

$

3.25

 

Fully diluted

$

2.54

 

 

$

1.71

 

 

$

5.44

 

 

$

3.11

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except per share data)

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenues

$

888,798

 

 

$

537,876

 

 

$

1,798,792

 

 

$

1,024,748

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

$

549,376

 

 

$

339,743

 

 

$

1,115,054

 

 

$

654,113

 

Less: Acquisition related retention payments

 

(2,765

)

 

 

(4,915

)

 

 

(8,797

)

 

 

(12,235

)

Employee compensation and benefits expenses (adjusted)

 

546,611

 

 

 

334,828

 

 

 

1,106,257

 

 

 

641,878

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

$

90,162

 

 

$

39,717

 

 

$

169,483

 

 

$

102,754

 

Less: Secondary offering related costs

 

 

 

 

 

 

 

 

 

 

(418

)

Less: Integration and acquisition related costs

 

(16,165

)

 

 

 

 

 

(17,805

)

 

 

(1,258

)

Less: Acquisition amortization

 

(15,454

)

 

 

(1,194

)

 

 

(18,130

)

 

 

(3,080

)

Less: Oracle ERP implementation

 

 

 

 

 

 

 

 

 

 

(736

)

Non-compensation expenses (adjusted)

 

58,543

 

 

 

38,523

 

 

 

133,548

 

 

 

97,262

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

Operating income (GAAP)

$

249,260

 

 

$

158,416

 

 

$

514,255

 

 

$

267,881

 

Plus: Adjustments (1)

 

34,384

 

 

 

6,109

 

 

 

44,732

 

 

 

17,727

 

Operating income (adjusted)

 

283,644

 

 

 

164,525

 

 

 

558,987

 

 

 

285,608

 

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

Other (income)/expense, net (GAAP)

$

253

 

 

$

(187

)

 

$

1,005

 

 

$

(1,544

)

Other (income)/expense, net (adjusted)

 

253

 

 

 

(187

)

 

 

1,005

 

 

 

(1,544

)

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

$

74,699

 

 

$

40,088

 

 

$

140,099

 

 

$

56,020

 

Plus: Impact of the excess tax benefit for stock vesting

 

 

 

 

 

 

 

6,922

 

 

 

13,408

 

Adjusted provision for income taxes

 

74,699

 

 

 

40,088

 

 

 

147,021

 

 

 

69,428

 

Plus: Resulting tax impact (2)

 

10,315

 

 

 

1,544

 

 

 

13,148

 

 

 

4,580

 

Provision for income taxes (adjusted)

 

85,014

 

 

 

41,632

 

 

 

160,169

 

 

 

74,008

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

Net income (GAAP)

$

174,308

 

 

$

118,515

 

 

$

373,151

 

 

$

213,405

 

(Less)/plus: adjustments (3)

 

24,069

 

 

 

4,565

 

 

 

24,662

 

 

 

(261

)

Net income (adjusted)

 

198,377

 

 

 

123,080

 

 

 

397,813

 

 

 

213,144

 

Net income attributable to noncontrolling interest

 

(573

)

 

 

 

 

 

(573

)

 

 

 

Net income attributable to Houlihan Lokey, Inc. (GAAP)

 

173,735

 

 

 

118,515

 

 

 

372,578

 

 

 

213,405

 

Net income attributable to Houlihan Lokey, Inc. (adjusted)

 

197,804

 

 

 

123,080

 

 

 

397,240

 

 

 

213,144

 

 

 

 

 

 

 

 

 

Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP)

$

2.54

 

 

$

1.71

 

 

$

5.44

 

 

$

3.11

 

Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted)

$

2.90

 

 

$

1.77

 

 

$

5.79

 

 

$

3.11

 

1. The aggregate of adjustments from employee compensation and benefits and non-compensation expenses.

2. Reflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above.

3. Consists of all adjustments identified above net of the associated tax impact.

 

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